Question

(4): Zakaria un Special Journals to record transactions with its customer. The following transactions occurred in Omer Co. during July 2019: (7 marks) • July 7 Sold merchandise for LE. 125000 to Salman Co. ont account • July Purchased merchandise to Yasser Co. for L.E. 70000 cash. • July 9 Purchased merchandise of L.E. 50000 from Karim Co. on accountterms 2/10, – 30. • July 16 Purchased supplies of $5,000 bycash. • July 25 Borrowed L.E. 80000 cash from United Bank. • July 31 Paid salaries of July $25,000 by check no. 405 Required: PrepareCash Payments Journaland record the previous transactions and determine the sum of the sidesof Cash Payments Journal. B): Given the following information for Alex store on June 1, 2019(8marks) AR control account had a balance of $ 170000 O AP control account had a balance of $ 130000 Summary for June transactions: Total of sales Journal S 110000 • Total of purchases Journal $ 73001 Total of AR column in Cash receipts joumal $ 75000 • Total of AP coluren in Cash payments S 50000 from the General Journal Credit on account sales returns $ 5000 Credit fonaccount purchases returns 3000 Required:Post to Accounts Payable control account in the General Ledger anddetermine the balance of the Accounts Payable after the monthly postings on June 302

Answer 1

A) Cash payment journal - It is a special journal that allows to record cash payment's

Date	Ch.No	Account Debit	Ref	Merchndise dr	Supplies dr	Salaries dr	Discount cr	Cash cr
7/7/19		Yasser com		70000				70000
16/7/19		Supplies			5000			5000
19/7/19		A/cs payable		50000			1000	49000
31/7/19	405	salary exp				25000		25000
		TOTAL		120000	5000	25000	1000	149000

B)

Accounts payable control account

	$		$
To cash	50000	Balance b/f	130000
To purchase return	3000	By purchase	73000
To balance c/f	150000
Total	203000	Total	203000

Note: Total purchases of $73000 considered as credit purchase.